Our current financial system, with its high dynamic and detail complexity is sensitive to manipulation and prone to herd-behavior. The outcome is often creative destruction, leading to the poorly tolerated periodic bubbles and bursts.
We are possibly in for the same economic meltdown that ricocheted around the world, driven by the same moral meltdown that preceded and precipitated it. I describe this as a meltdown of values as capitalism's "seven debtly sins."
The global economy is splintering. U.S. voters hate all politicians and there's political unrest throughout the world. The root cause of this turmoil is the failure of the dominant economic paradigm -- global corporate capitalism.
States must preserve their rights to operate the health insurance exchange: If states do not build an exchange, the Affordable Care Act requires that the federal government step in and run the exchange.
There are no free market fundamentalists; everyone recognizes the need for a big role for government. The debate is whether we want it to serve the needs of the bulk of the population or just the purposes of the rich and powerful.
This is a spoiled, petulant and entitled corporation operating in a largely deregulated free market atmosphere. Are we to believe that it's acting responsibly and with the best interests of the Gulf in mind? Not a chance in hell.
In the United States, where bankers continue to rule the Obama administration's economic team, the idea of government teaming up with business to drive long-term innovation and growth is still struggling to gain attention.